The end of cash money?

[MargaretR]

The Greek debt was partly caused by tax avoidance/evasion.
People paid cash 'backhanders' for goods and services so that only part of the transaction was recorded for tax purposes.
Criminals operate a cash laundering system to conceal ill gotten gains.

I believe that these two misuses of cash may well be the reasons why, eventually, cash will be 'phased out'.
The abolition of cheques (delayed) was the first stage of the operation.

It may sound like a reasonable and sensible action to take, until you consider the implications.
Governments will know exactly how much you are worth,
where it is stashed,
how much you spend
and what you spend it on, both where and when.

This strikes me as rather intrusive.

Would you welcome 'the end of cash'?

[groove]

Im not sure id welcome such a move but i can see i time were everyone has a kind of debit/credit card with your funds on them. We virtually have it now with CHIP and PIN etc. Theres been numerous times iv gone a whole week without handling paper money.

[groove]

it would also reduce crime/muggings etc. All funds would be just figures on a computer. Each person would have their own personal chip and pin machines for people to credit you funds. Id be very surprised if this isnt the way forward Margaret.

[MargaretR]

It may well solve some crime problems.
The filthy rich will still find ways to conceal their wealth and how they got it.
I don't mind playing if it is on a level playing field.

Doesn't the scenario smell a bit like 1984 (Orwell)?

[Margaret Pilkington]

I don't much like the idea.
I don't know how the tax situation in Greece was/is managed, but maybe they need to tighten up loopholes....we need to tighten up loopholes too...every system has them and people seem to think it is Ok if you manage to omit paying tax because of some loophole.......it isn't.
And you are right Margaret, it would only help with some crimes. Criminals would still clone cards, cyber thieves would still find ways of accessing your accounts........and it scares me a whole lot more to think that governments would have knowledge of what we have and where we have it...not that I have a lot, but governments are pretty useless at safeguarding information...or am I just being paranoid?

[groove]

Indeed it does (Orwell)...but it wouldnt stop villains buying property/gold/antiques or anything else which is as good as money. But i believe the human rights lot may have sommet to say about it.

[susie123]

The Greek debt was partly caused by tax avoidance/evasion.
People paid cash 'backhanders' for goods and services so that only part of the transaction was recorded for tax purposes.
Criminals operate a cash laundering system to conceal ill gotten gains.

I believe that these two misuses of cash may well be the reasons why, eventually, cash will be 'phased out'.
The abolition of cheques (delayed) was the first stage of the operation.

I think cheques will be here for a while.

Q&A: Are cheques really here to stay after MPs' bank-bashing? | This is Money

[Pudwoppa]

Like Groove mentioned, I honestly have no use of cash most of the time anyway. I don't find it particularly intrusive that someone somewhere knows what I spend. The government has enough excess paperwork in various sectors to contend with as it is - I can't see them being bothered to trawl through everyones ASDA receipts.

[groove]

Each persons machine could be accessed through a fingerprint security scanner. For example, if one of you owes me a tenner towards lets say the Accyweb annual christmas get together, you would type in the ammount, then verify it by the machine scanning your thumbprint. That ammount would then be transfered from your account to mine. The police have similar devices to check peoples I.D in seconds. The machine would be useless to anyone else without your thumbprint and PIN number.

[Benipete]

The cash system will only end when every MP and member of the House of Lords has croaked.

[jaysay]

Originally Posted by Pudwoppa

Like Groove mentioned, I honestly have no use of cash most of the time anyway. I don't find it particularly intrusive that someone somewhere knows what I spend. The government has enough excess paperwork in various sectors to contend with as it is - I can't see them being bothered to trawl through everyones ASDA receipts.

The only thing I use cash for is for is the weekly shop, all my bills are paid by DD or SA if I buy anything its usually on line or over the phone and I use credit or debit card, although I've never been, in the states they'd rather you used a card than cash, in fact a friend went there on holiday and the girl on the till looked at him with a very strange look when he offered cash

[cashman]

Not well i'm still living,i hope, hence me username.

[cmonstanley]

i only use cash except when im shopping online.

[Eric]

Originally Posted by MargaretR

The Greek debt was partly caused by tax avoidance/evasion.
People paid cash 'backhanders' for goods and services so that only part of the transaction was recorded for tax purposes.
Criminals operate a cash laundering system to conceal ill gotten gains.

I believe that these two misuses of cash may well be the reasons why, eventually, cash will be 'phased out'.
The abolition of cheques (delayed) was the first stage of the operation.

It may sound like a reasonable and sensible action to take, until you consider the implications.
Governments will know exactly how much you are worth,
where it is stashed,
how much you spend
and what you spend it on, both where and when.

This strikes me as rather intrusive.

Would you welcome 'the end of cash'?

Indeed, hon, the underground economy is a major problem for govts. trying to collect taxes. And we all like the underground economy Many don't even consider it illegal ... perhaps it is because we see the govt. wasting our tax dollars; so, why not keep it in our pockets and waste it ourselves Problem is, the things we expect from govt. like health care, education, policing, ambulance, fire departments etc., etc., are paid for out of tax revenue.

And on the privacy issue: there might be ways around it. Laws protecting your financial records from scrutiny, unless there is probable cause, determined by a judge. (And in Canada, we have an independent judiciary which, according to polls, is trusted by the vast majority of Canadians).

I think there is a generational issue here too. Once folks of my generation shuffle off this mortal coil, the ones coming up behind us will be much more open to a plastic society.

[Retlaw]

Thats stirred my memory a bit, Shuffle off this Mortal Coil, where the eck does that come from, I prefer popped is clogs.
Retlaw.